With the USD Index continuing to weaken, the price of silver has risen comfortably above $24.00, at #XAGUSD @ 24.160.

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• Silver price has comfortably shifted above $24.00 as the USD Index remains weak.

The pair currently trades last at 24.160.

The previous day high was 23.94 while the previous day low was 23.22. The daily 38.2% Fib levels comes at 23.49, expected to provide support. Similarly, the daily 61.8% fib level is at 23.66, expected to provide support.

Silver price (XAG/USD) has shifted its auction comfortably above the crucial resistance of $24.00 in the early New York session. The white metal has got strengthened as investors have found clarity about Federal Reserve’s (Fed) interest rate peak for now.

S&P500 is expected to open on a positive note considering bullish cues from overnight futures. Market mood is quite cheerful as uncertainty about the interest rate peak has receded after the display of the dot plot by Fed chair Jerome Powell.

The upside in the US Dollar Index (DXY) seems restricted around 102.30 amid the risk-appetite theme. In June’s monetary policy statement, Fed Powell confirmed that two more interest rate hikes are appropriate this year. However, investment banking firm Morgan Stanley sees no more hikes and expects the Fed to hold the rate at 5.1% till it undertakes a 25 bps cut in March 2024.

Meanwhile, Richmond Fed Bank President Thomas Barkin has commented that raising rates further could create the risk of a more significant slowdown in the economy, as reported by Reuters. He further added, “Comfortable doing more on interest rates if coming data doesn’t confirm a story that slowing demand is returning inflation to the 2% target.”

Silver price is struggling to surpass the 23.6% Fibonacci retracement (plotted from May 26 low at $22.68 to June 09 high at $24.53) at $24.10 on a two-hour scale. The 50-period Exponential Moving Average (EMA) at $23.88 is providing support to the Silver bulls.

The Relative Strength Index (RSI) (14) is looking to shift into the bullish range from the bearish range of 20.00-60.00. An occurrence of the same will activate the upside momentum.

Technical Levels: Supports and Resistances

XAGUSD currently trading at 24.05 at the time of writing. Pair opened at 23.89 and is trading with a change of 0.67 % .

The pair is trading above its 20 Daily moving average @ 23.61, below its 50 Daily moving average @ 24.45 , above its 100 Daily moving average @ 23.36 and above its 200 Daily moving average @ 22.37

The previous day high was 23.94 while the previous day low was 23.22. The daily 38.2% Fib levels comes at 23.49, expected to provide support. Similarly, the daily 61.8% fib level is at 23.66, expected to provide support.

Note the levels of interest below:

• Pivot support is noted at 23.43, 22.97, 22.72
• Pivot resistance is noted at 24.15, 24.4, 24.86

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